Kurdistan-Related Oil Shares Rally

Share prices in companies related to oil exploration in Kurdistan rallied on Monday, as stories circulated about a resolution of the dispute between Baghdad and Erbil on the recognition of oil contracts.

This came despite an escalation in tensions between the two administrations regarding these contracts, which was brought to a head with the announcement of a deal between KRG and ExxonMobil.

Nevertheless, Gulf Keystone (LSE: GKP) closed the day 8.3% higher at 192p, having been up as much as 13% earlier in the day, and put in a gain of 26% on Friday.

Sterling Energy (LSE: SEY) was up 4.8% on Friday’s close, at 48.5p.

Petroceltic (LSE: PCI) also enjoyed strong gains, up 8.8% at 8.16p, following 12.3% gains on Friday.